Latest Marc Ecko News
Jun 11, 2021
Iconix Brands Group Inc. is leaving the glare of Wall Street. The brand house — owner of Candie’s, London Fog, Ocean Pacific, Zoo York, Rocawear, Umbro, Marc Ecko and many others — signed a deal to be taken private by Lancer Capital. The all-cash transaction, expected to close before the end of the third quarter, values the company at roughly $585 million, including net debt. Lancer will pay $3.15 a share, a 28.6 percent premium over Iconix’s closing price on Thursday. Bob Galvin, chief executive officer, said the deal comes after a yearlong study of the company’s strategic alternatives. “After a thorough and deliberative examination of all potential strategic alternatives, the board of directors determined that the transaction with Lancer provides the best value for our stockholders,” Galvin said. “We expect that Iconix will continue developing its brands and supporting its partners as a private company.” The deal was approved unanimously by the company’s board. Iconix traces its roots back to 2005 when Neil Cole, who ran Candie’s, changed business models, pioneering an approach to fashion that had the company not making the goods, but owing names and arranging licensing deals. The approach helped the company and many of its brands expand globally, drawing more business out of names that in some cases were looking for new life.